Finances

Some dating app users are becoming creative in their frustration with matches they are served and have started using hacks to trip up the algorithms behind the matching.

According to a recent feature in The New York Times, these hacks are aimed at besting the algorithm so that users can try and access different results. The tricky part is, the dating apps are putting more and more features behind a paywall, so it’s getting more convoluted to try and get around the algorithm.

But some dating app hackers are finding success and posting their methods on TikTok and Reddit. For example, some users recommend deactivating and then reactivating your account to get a fresh set of matches, according to The New York Times. Some have also suggested rejecting a bunch of attractive profiles to throw off the matching process, or to switch your location to a different city, which is like pressing “refresh” on your matches.

Match Group released its first quarter revenue forecast, falling below Wall Street analyst expectations as users continue to cut back on their dating app spending.

According to Reuters, the company also authorized a $1 billion share buyback plan.

The company, which owns Tinder, Hinge, OkCupid and Match among other dating apps, said paying users declined 5 percent in the fourth quarter of 2023 compared to the previous year, to 15.2 million. It expects revenue between $850 and $860 million for the first quarter, down from analysts’ forecasts of $867 million on average, according to Reuters.

Shares of Match Group rose as much as 12 percent after The Wall Street Journal reported that Elliott Management had invested almost $1 billion in the company.

According to the report, Elliott has a long history of success in tech investments, including in Salesforce and Pinterest. The Match Group investment showed signs of promise to investors who have recently shied away from dating app companies in the wake of decreasing revenues and management turnover. As a result, share prices for Match rose as high as 12 percent and ended the day up 3 percent.

According to CNBC and The Wall Street Journal, Elliott plans to engage with Match Group’s management, but it is unclear as to how involved they will be, and if that would include nominating its directors. Match Group recently appointed a new CEO for Tinder, so Tinder’s previous acting CEO Bernard Kim can focus his attention on Match Group’s entire suite of apps, which include Hinge, OkCupid, Match and BLK.

Image: Tinder

Match Group has promoted Faye Iosotaluno to head up Tinder as its new CEO, replacing Match Group CEO Bernard Kim.

According to Tech Crunch, Iosotaluno has been at Match Group since 2017, and was promoted from Tinder’s chief strategy officer to the company’s chief operating officer in 2022, when former CEO Renate Nyborg left. Kim has been acting CEO of Tinder until a replacement for Nyborg was made.

“Faye’s understanding of the dating category is unparalleled and coupled together with her remarkable leadership capabilities, I know Tinder will continue to lead the category,” said Kim in a statement.

Image: Hinge

Hinge is launching a million-dollar social impact fund called One More Hour to help encourage people to meet in real life in response to the loneliness epidemic. The fund will offer $10,000 to $25,000 grants to 501(c)3 groups in Atlanta, Los Angeles, and New York to develop “fresh, free/low-cost and recurring in-person connection opportunities” for young adults, according to Fast Company.

The idea is to get people engaging more with each other in real life and not just online. The program is intended to fund events that will be organized and ongoing, so that people will feel more encouraged to show up and see what happens.

Hinge’s social impact director Josh Penny told Fast Company that social clubs stand out as a way to combat the loneliness epidemic because of “their welcoming, low-pressure nature.” He adds that telling people to hang out in person doesn’t necessarily work, that you need to offer the structure and support to encourage people to do it.

Epic Games, maker of popular game Fortnite, just won an antitrust lawsuit against Google for its Play Store practices. This outcome could be a gamechanger for app developers, who must rely on Google and Apple stores to get their apps out in the world.

According to Tech Crunch, a San Francisco court found that Google “willfully acquired or maintained monopoly power by engaging in anticompetitive conduct” as stated in the court filings. The jury determined Google’s liability, but a judge still has to decide what the final outcome will be.

The two companies will plead their cases in January to argue for how Google will need to adjust its Play Store policies going forward. Currently, the company takes a commission of as much as 30 percent of all purchases made via apps on its platform. The original lawsuit included Match Group among other companies, but all of them settled out of court apart from Epic Games.